Madam Speaker, I rise today in strong support of H.R. 2454, the American Clean Energy and Security Act.  I thank our leaders who made this bill a priority, especially Speaker Pelosi, Leader Hoyer, Chairman Waxman, Chairman Rangel, Chairman Peterson, and Chairman Markey, who worked tirelessly to bring this bill to the floor today.

I have long been an advocate for reducing harmful carbon emissions and investing in a clean energy economy.  The path that we are on is unsustainable.  Last year’s spike in gasoline prices and home heating oil was only a small example of the challenges our nation faces due to our reliance on foreign oil.  The effects of climate change are already beginning, and I believe that we must act now if we are to stop -- and ultimately reverse -- the damage done to our planet and our economy. 

I support this legislation because it will set our nation on a path toward an energy independent future.  The bill increases the renewable energy standard to 20 percent by 2020, which means that more of the energy we all use at home will come from clean, renewable resources.  It caps harmful carbon emissions that are damaging our environment and ecosystem through a responsible and transparent approach, reaching an overall reduction of 83 percent by 2050.  With this reduction, it is my hope that we will be the first generation to pass on a healthier planet to our children and our grandchildren. 

The $90 billion investment included in this bill will help create 1.7 million clean energy jobs throughout the nation, particularly in manufacturing industries as demand for construction of renewable energy components will dramatically increase.  Increased funding for research and development of renewable technologies, including wind, solar, and wave energy, will drive American entrepreneurship and competitiveness to make the U.S. a global leader in clean energy development.

This bill was also carefully written to ensure that consumers are not overburdened by any increase in cost.  Allowances are provided to electricity, natural gas, and heating oil companies that must be redirected to their customers.  Low-income families are given even further protections in the bill and will receive specific allowances in the form of monthly energy refunds.  The Congressional Budget Office (CBO) estimates that protecting our nation through a cap on emissions would cost an average family $175 per year, or less than 50 cents a day, by 2020.  Alternatively, if we fail to act and continue to rely on oil, energy prices per household are estimated to reach $3,500 annually.  Further, CBO has determined that the bill meets PAYGO requirements and will not increase the deficit.  

Lastly, it must be noted that our nation spends over $400 billion for foreign oil each year.   The time has come to stop investing our taxpayers’ dollars overseas, and to bring them home to invest in clean energy jobs and a healthier planet for our citizens.  By increasing the renewable energy standard, capping carbon emissions, and investing in the creation of domestic jobs, this bill is directing our nation towards a sustainable and economically viable energy future.  I urge my colleagues to invest in the future of this great nation, and vote yes on the American Energy and Security Act.